Which big ticket items should you splurge on or save on?
After purchasing my first home, I was wondering which big tickets items you think one should spend big on vs. trying to save on?
I bought a house about 4 years ago and I still haven't completed all the rooms ...
... but there's a couple of thinks I spent real money on... most of the stuff has already been mentioned, but nevertheless my list
Do:
washer and dryer... the good and silent kind... what Andy said: they are not fashion items, And although pretty and colourful might be nice, solid, silent and reliable is far, far more important!
A good bed with a good matress...
a great coffee table... somehow they are always dominating your livingroom... I had mine custom made from a slab of black granite... set me back a small fortune, but that is one expense I do not regret! (till the moment I move... that slab weighs in at 200 kg)
comfy couch, which you can also lie down on in full stretch... it might just happen ;)
flooring... this is the stuff you don't want to change too soon... I like wood... and I have a dusting robot to keep it easy....
don't:
art... you wou will find that the house will grow on you... changing your perspective... the art will follow later...
electronics... not important enogh... just yet...
12 Answers
Splurge on things that hold value over a long period of time, things like a good razor and stand, a quality shave brush, a good pocket knife, a TV or computer monitor, a quality pair of sunglasses, and some classic sports memorabilia. Save on things that, like it or not, lose value very quickly: a car, a shoes (although one or two high-quality pairs should always be in the closet for that special occassion), non-work clothes, and bed sheets (they collect dust and mites like everything else, not much you can do here). Check out these to get you started:
www.magnificentbastard.com
www.groominglounge.com
www.jerseyjoes.com
Things to splurge on:
anything work related that makes your job easier ie computer eqpt.
anything that will help relax from your hard day of working ie a nice tv if that's what you are into.
anything that keeps you healthy mentally and physically ie a personal trainer at your gym.
Things to save on:
a car( this could be bumped into the , " Help you Relax " category.
a nice timepiece
a classic suit
Bottom line: We live once so we have to take care of all aspects of us. The unfortunate thing is that we need money hence why we work. SO to continue working at a top rate level( so we earn more money ) we must do things for ourselves that makes that process easier. Work hard but splurge on things so that you can continue to work hard.
Once a year Splurge on a item that has nothing to do with work or your mental/physical state. An item that is simply for you.
Save on items that will be classics and 365 24/7 staples in your life. Get a nice car because you deserve it. A timepiece is status of you so save for that. And there is nothing wrong with walking into a party/function looking and feeling like Bond in a nice suit.
Play on Player
I find that it is best to splurge on some essentials based on their utility. Power tools for instance, are bought often as needed but shouldn't be hastily purchased. A good quality nail-gun or angle grinder will outlast cheaper, less durable models allowing for savings in the long run even if the initial purchase seems like a splurge. This is especially true if you use these things often for work or like me, for hobby purposes.
Save on the TV; 50 plasmas (after instant rebate) can be had for under $900
Save on the tools; stay away from Black and Decker like the plague, but there's little reason to get the DeWalt unless you're putting in flooring and building a shed 3 or 4 times a year. I like Hitachi (miter saw, cordless driver
Splurge on the interior materials, to a point; get the nicest stuff you can afford for flooring, and get the premium interior paint.
Splurge on sheets; it's worth it after 6 consecutive weeks of working 4 to 5 hours every night after work.
Save money by reusing what you have; sand, primer, and paint those old cabinet doors and frame for example.
Finally, splurge on beer. In the long run, it's a hell of a lot better than drinking Bud Light every night.
Congrats on buying your first home! The answer to this question might be slightly disappointing because sometimes the best place to spend money isn't always the most flashy items (i. e. infrastructure).
What are your goals? If you’re single your goal might be to have great looking place that people enjoy when you’re entertaining. Functionality might take a back seat. If you’re married and kids are in the picture then you might go a different direction. If your goal is about resale value then bathrooms and kitchens bring the most bang for the buck.
Some things to consider:
A tankless water heater. Gives continuous supply of hot water. A little expensive up front but worth it down the line.
Get a dishwasher that is a real workhorse and is quiet. Even if you don’t cook you’ll probably run the dishwasher often. Only get a drawer dishwasher if you usually eat out.
If you love to cook then you should check craiglist for slightly used, high-end gas ranges like Wolf, Viking, etc. (same thing with the ventilation hood. You might find them together. Prioritize this stuff much lower if you don’t cook)
Quality laundry machines are an important place to spend money if you have kids or are thinking about kids.
Is the place wired for all your toys? Is there an outlet/HDMI where you want to put your tv (like above the fireplace)? This is a good place to spend now. Labor is cheap because construction is way down across the board.
Don’t go too crazy on the flatscreen because you will eventually move this TV into the bedroom when newer, cooler TVs come out in few years. (But still go a little crazy on the flatscreen.)
Lighting is a worthwhile place to spend some dough when you move in. Installing under cabinet lighting and overhead recessed lighting makes an ordinary room look completely swank (see any episode of Divine Design and make a note of how she uses lighting. http://www.hgtv.com/divine-design/show/index.html) What about ceiling speakers? Think about doing these if you are going to be doing recessed lighting and get that all done at the same time.
If the house was built in the 70-80s think about replacing the windows. Maybe not right away – spend one winter there and see what the bills are like. This is an expensive upgrade but makes a huge difference in terms of energy cost and looks.
What about the deck in the back? If you spend a lot of time out there then you can justify redoing it just the way you want it. You can redo the fence at the same time if it’s looking shabby. Good for resale – looks great.
When we moved into our house it came with this kick-ass sprinkler system. I never would have spent money on something like that but now that I have it I love it.
If you skip all this stuff above and just want to get one thing get a really good twelve inch compound miter saw with a sliding arm. My brother gave me his old one (unbeknownst to me it was a really nice one, $500 approx) and I soon found you can tackle almost any remodel project with one of these. Absolute must have.
You can learn from a fridge mistake I made. On move-in day we were shocked to see that the previous owner took the fridge and the laundry machines. Since we had a baby at the time I needed a fridge that day so I had to run around town with my empty u-haul truck and buy whatever fridge was in stock. Now I have this awesome looking stainless steel, side-by-side, counter-depth fridge but the freezer is so damn narrow I can’t even fit a frozen pizza in there. I curse that thing every day.
1. Energy efficient appliances or home automation if you really like to splurge
2. Power tools, I've got my eye on a wood chipper!
3. Wine Fridge + wine...goes against saving energy, but you know you've arrived when you can pop a great bottle of wine thats been stored well
Spend: comfortable furniture, sheets, artwork.
Save: cars, clothes, hoes.